Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research) - Moody's Capital Markets Research

Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research)

Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research) - Moody's Capital Markets Research
Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research)
Published May 28, 2015
28 pages — Published May 28, 2015
Price US$ 750.00  |  Buy this Report Now

About This Report

  
Abstract:

WEEKLY MARKET OUTLOOKMAY 28, 2015CAPITAL MARKETS RESEARCHCorporate Yields May Set New Lows in the Next Upturn Credit Markets Review and Outlook by John Lonski Corporate Yields May Set New Lows in the Next Upturn.¯ FULL STORY PAGE 2The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 6 The Long View Checkour chart here for forecast summaries of key credit market metrics. Full updated stories, Corporate borrowing activity has been relatively quiet given the 69% year-over-year surge by the dollar value of US-company related M&A for the year-ended April 2015, begin on page 18.¯ FULL STORY PAGE 18Ratings Round-Up by Njundu Sanneh Bank Rating Methodology Change Fuels European Rating Revisions.¯ FULL STORY PAGE 21Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 23Moodys Capital Markets Research recent publications Links to commentaries on: Colgate-Palmolive, ECB, ConAgra Foods, Best Buy, Lat Am, Exxon, HY covenants, euro bonds, Comcast, JetBlue, Greece, risk, Monsanto, Toyota, Genworth, Ally, bank risk. ¯ FULL STORY PAGE 27Credit Spreads Investment Grade: Year-end 2015 spread to be under its recent 144 bp.High Yield: Recent spread of 450 bp could dip to 445 bp by September 2015.Defaults US HY default rate: April 2015, 1.7%; 2.9% average in 1Q/2016Issuance For 2015, US$ IG bond offerings may grow by 12% to $1.260 trillion, while US$ HY bond issuance dips by -3% to $407 billion. In 2014, US$ IG bond issuance rose by 0.9% to $1.129 trillion, while US$ HY bond issuance dropped by -2.3% to $421 billion.Click here for Moodys Credit Outlook, our sister publication containing Moodys rating agency analysis of recent news events, summaries of recent rating changes, and summaries of recent research.Moodys Capital Markets Research, Inc.Weekly Market Outlook Contributors: David W. Munves, CFA 1.212.553.2844 david.munves@moodys.com John Lonski 1.212.553.7144 john.lonski@moodys.com Ben Garber 1.212.553.4732 benjamin.garber@moodys.com Njundu Sanneh 1.212.553.4036 njundu.sanneh@moodys.com Yukyung Choi 1.212.553.0906 yukyung.choi@moodys.com Irina Baron 1.212.553.4307 irina.baron@moodys.com Franklin Kim 1.212.553.4419 franklin.kim@moodys.com Xian (Peter) Li1.212.553.1404 Xian.li@moodys.comMoody's Analytics/Europe: Zach Witton 44 (20) 7772-1678 Zach.witton@moodys.comMoody's Analytics/Asia-Pacific: Katrina Ell 1.612.9270.8144 Katrina.ell@moodys.com Faraz Syed 1.612.9270.8146 Farad.syed@moodys.comEditor Dana Gordon 1.212.553.0398 dana.gordon@moodys.comMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further de...

  
Source:
Document ID
PBC_181448
Report Type
Market Outlook
Format:
PDF Adobe Acrobat
Buy Now

Sections

TitleStarting PageNumber of Pages
The Week Ahead11
The Long View11
Ratings Round-Up by Njundu Sanneh11
Market Data11
Moody s Capital Markets Research recent publications11
Weekly Market Outlook Contributors:11
Credit Markets Review and Outlook24
  Corporate Yields May Set New Lows in the Next Upturn21
  Sales, Profits and Default Risk Imply T-Bond Yields May Have Peaked for the Cycle21
  Constraints on Fiscal Policy and Fed Funds Signal Surprisingly Low T-Bond Yields in the Next Cycle It is probably premature to assert that the 10-year Treasury yield s month-long average set what should be a multi-decade low at the 1.50% of ...21
  According to what should remain an exceptionally low federal funds rate and a very high ratio of outstanding US Treasury debt to GDP, a deep drop by Treasury bond yields will probably serve as the primary means of pulling out of the next recession. (F...22
  Corporate Yields Will Trough after Treasury Yields Bottom42
The Week Ahead US, Europe, Asia-Pacific612
  THE US61
    Friday, May 2961
  GDP First Quarter (Second Estimate)61
  University of Michigan Consumer Confidence May Final61
    Monday, June 161
  Personal Spending &Income April61
  Construction Spending April61
  ISM Manufacturing Index May61
    Tuesday, June 271
  Factory Orders April71
  Vehicle Sales May71
    Wednesday, June 371
  Trade Balance April71
  ISM Non-Manufacturing Index May71
    Thursday, June 471
  Productivity &Unit Labor Costs First Quarter Final71
    Friday, June 571
  Employment Report May71
  EUROPE81
    Friday, May 2981
  France Household Consumption Survey April81
  France Producer Price Index April81
  Spain Government Finance April91
  Euro Zone Monetary Aggregates April91
  United Kingdom GDP Expenditure Breakdown 2015Q191
  Italy GDP 2015Q191
  Italy Producer Price Index April91
  Russian Federation Business Confidence May91
  Germany Retail Sales April101
  Spain Business Confidence April101
  Russian Federation Government Finance March101
  France Job Seekers April101
  Germany Lending by Banks April101
  Germany Employment Situation May111
  United Kingdom BoE Lending to Individuals April111
  Euro Zone Preliminary Consumer Price Index May111
  Euro Zone Producer Price Index April111
  Germany Vehicle Registration May111
  Italy Employment Situation April111
  Euro Zone Retail Trade April121
  Euro Zone Unemployment April121
  Euro Zone Monetary Policy June121
  France Employment Situation 2015Q1121
  United Kingdom Monetary Policy June121
  Russian Federation Consumer Price Index May131
  Russian Federation Reserve Fund June131
  France Trade balance April131
  Spain Industrial Production April131
  Germany Manufacturing Turnover and Orders Received April131
  Euro Zone GDP 2015Q1131
  Asia-Pacific141
    Friday, May 29142
    Monday, June 1161
    Tuesday, June 2161
    Wednesday, June 3171
    Thursday, June 4171
    Friday, June 5171
The Long View183
  Credit spreads181
  US economic outlook191
  EUROPE191
  Asia Pacific192
Ratings Round-Up211
Ratings Round-Up211
Ratings Round-Up221
Market Data234
Moody s Capital Markets Research recent publications272

Table Of Contents

Moody's Capital Markets Research—Moody's Analytics offers research, unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management.

About the Author


Cite this Report

  
MLA:
Moody's Capital Markets Research. "Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research)" May 28, 2015. Alacra Store. May 13, 2025. <http://www.alacrastore.com/storecontent/Moody-s-Capital-Markets-Research/Corporate-Yields-May-Set-New-Lows-in-the-Next-Upturn-Capital-Markets-Research-2141-2716>
  
APA:
Moody's Capital Markets Research. (2015). Corporate Yields May Set New Lows in the Next Upturn (Capital Markets Research) May 28, 2015. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/storecontent/Moody-s-Capital-Markets-Research/Corporate-Yields-May-Set-New-Lows-in-the-Next-Upturn-Capital-Markets-Research-2141-2716>
  
US$ 750.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.